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Financial News: BRAZIL: Ibovespa Remains Stable With Petrobras

BRAZIL: Ibovespa Remains Stable With Petrobras

09/20/2017 - 19:43:00 (RTTNews)

(RTTNews) - Ibovespa, the benchmark stock index in Brazil, reversed declines earlier in the day and slightly rose (+0.03%), closing at 76,004.15 points on Wednesday. The Ibovespa was boosted by statements made by the Brazilian Minister of Mines and Energy, Fernando Coelho, in New York, indicating that the government is expected to pay Petrobras US$ 12 billion in a transfer of rights process, prompting Petrobras to rise 4.88%.

"This is positive for the company. Petrobras' shares were already rising by more than 1% due to oil prices abroad and skyrocketed after the minister's statements," said Alfredo Sequeira, partner at DNAinvest brokerage.

According to José Costa, an economist at Codepe Corretora, Petrobras eclipsed the profit-taking that the market went through after the U.S. Federal Reserve Bank announced that it would raise interest rates by the end of the year.

Meanwhile, the locally traded U.S. dollar fell 0.19%, closing at $ 3.1310, reducing losses after the U.S. Federal Reserve indicated that it could raise its benchmark interest rate in December and three more times in 2018, showing a tougher tone than in previous board meetings.

For Thursday, Sequeira says, the market expects the Brazilian Supreme Court (STF) to authorize the House of Representatives to vote on a new criminal complaint against President Michel Temer, which may give room for profit-taking.

In Costa's view, even with a new complaint in the House, there is a perception that Temer's allies would shield him, which, in the end, may reduce the downward pressure on the market.

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